"Avatars Stamping Approval Seals" ... Gyeongbuk Province Signs Nation's First Metaverse Business Agreement

Lotte Mart and Gyeongbuk Economic Promotion Agency Join Hands to Expand Market for Local Premium Seafood

On the 26th, Gyeongsangbuk-do signed a mutual cooperation agreement to expand the market for Gyeongbuk's excellent seafood products using the metaverse.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Se-ryeong] Gyeongsangbuk-do signed a mutual cooperation memorandum of understanding (MOU) on the 26th to expand the distribution channels of Gyeongbuk's excellent seafood products using the 'Metaverse Zepeto.' This is the first time a local government has officially approved documents through the metaverse method.

The signing was originally scheduled to commemorate the opening of the Lotte Mart Seocho branch, where the Gyeongbuk excellent seafood antenna shop was launched in July, but was postponed due to the COVID-19 social distancing level 3 measures.

The Gyeongbuk excellent seafood antenna shop is the first seafood-exclusive store operated by a local government to be established in large discount stores in the Seoul metropolitan area, including Seoul, showcasing and selling seafood and seafood processed products from about 180 excellent seafood processing companies in the province.

Starting with the Daegu Dong-gu Yulha branch in August 2018, the Seoul Junggye and Seocho branches were subsequently opened, with 35 local seafood companies participating.

Lotte Mart opened its first store in April 1998 and currently operates a total of 175 stores domestically and internationally, including 112 in Korea, 14 in Vietnam, and 49 in Indonesia.

It actively supports the development of distribution channels for local agricultural and marine products in cooperation with local governments, such as selling Sangju melons and yellowtail fish.

The signing ceremony was attended by Lee Cheol-woo, Governor of Gyeongbuk Province; Jeon Chang-rok, Director of the Economic Promotion Agency; and Kang Seong-hyun, CEO of Lotte Mart.

The signing of the MOU in the virtual space called the metaverse was explained by a provincial official as a practice of the provincial government slogan "Change to Survive," expressing the future will of fisheries administration that "the sea is an indispensable place of life and our future."

Gyeongbuk Province is promoting the construction of a smart seafood processing complex that embodies the aspirations of local seafood companies. It is also preparing for the country's first online seafood sales using the metaverse, aiming to lead in distribution and domestic excellence in the seafood processing industry through administrative efforts.

Governor Lee Cheol-woo said, "This signing ceremony will be the first day to bring new changes to consumption patterns and the fisheries industry due to COVID-19," adding, "We will work hard to ensure fisheries administration proactively responds to continuous changes."